Shared Flashcard Set

Details

Marketing the Core
Exam 1
65
Marketing
Undergraduate 3
02/01/2010

Additional Marketing Flashcards

 


 

Cards

Term
Marketing
Definition
activity for creating and delivering offerings that benefit the organization, its stakeholders, and society
Term
Marketing Seeks...
Definition
1. discover needs and wants
2. satisfy them
Term
Exchange
Definition
trade of things of value between buyer and seller so that each is better off
Term
Environmental Forces
Definition
Uncontrollable social, economic, technological, competitive, and regulatory forces
Term
Market
Definition
people with desire and ability to buy a specific offering
Term
Target Market
Definition
specific group of potential consumers
Term
Marketing Mix
Definition
Controllable factors:
Product
Price
Promotion
Place
Term
Customer Value
Definition
buyers' benefits. quality, convenience, on-time delivery, before-and-after sale service
Term
Relationship Marketing
Definition
linking the organization to its individual customers.
Mutual long-term benefit
Term
Marketing Program
Definition
plan that integrates the marketing mix to provide a good/service, or idea to buyers
Term
Marketing Concept Era
Definition
1960
satisfy the needs of consumers
achieve goals
Term
Market Orientation
Definition
-continuously collecting information
-sharing information
-using it
Term
Societal Marketing Concept
Definition
satisfy the needs of consumers in a way that provides for society's well-being
Term
Ultimate Consumers
Definition
are the people...who use the G/S purchased for a household
Term
Organizational Buyers
Definition
are those industries that buy G/S for their own use or for resale
Term
Utility
Definition
benefits or customer value received by users of the product
Term
Form Utility
Definition
production of the G/S
Term
Place Utility
Definition
having the offering available where consumers need it
Term
Time Utility
Definition
having it available when needed
Term
Possession Utility
Definition
value of making an item easy to purchase
Term
Profit
Definition
P=TR-EXP
Term
Strategy
Definition
long-term course of action
Term
Core Values
Definition
principles that guide its conduct over time
-timeless and should not change due to short-term financial concerns
Term
Mission
Definition
statement of vision of an organization's function in society
Term
Organizational Culture
Definition
set of values, ideas, attitudes, and behavioral NORMS that is learned and shared among the members of an org.
Term
Business
Definition
solution provider: help provide utility
Term
Goals (Objectives)
Definition
targets of performance to be achieved
Term
Market Share
Definition
ratio of a firm's sales to the total sales of all firms in the industry
Term
Marketing Dashboard
Definition
visual display of the essential info.
-metrics
Term
Marketing Metric
Definition
a measure of the value or trend
Term
Corporate Level
Definition
top mgmt directs over all strategy for the firm
Term
S.B.U.
Definition
Strategic Business Unit
-subsidiary, division, or unit of an org that markets a set of related offerings
Term
Business Unit Level
Definition
managers set a more specific strategy direction for their business to exploit value-creating opportunities
Term
Functional Level
Definition
groups of specialists actually create value for the firm.
Term
Competencies
Definition
organization's special capabilities-- skills, technologies, and resources
Term
Competitive Advantage
Definition
unique strength relative to competitors
Term
B.C.G.
Definition
Boston Consulting Group
management consulting firm
Term
Cash Cow
Definition
generate large amounts of cash.
dominant shares of slow-growth markets
Term
Stars
Definition
High share of high-growth markets
need extra cash to finance
Term
Question Marks
Definition
low share of high-growth markets
require large injections of cash
Term
Dogs
Definition
low shares of slow-growth markets
do not hold promise
Term
Diversification Analysis
Definition
tool that helps a firm search for growth opportunities from among current and new markets.
Term
-Market Penetration
Definition
current products
current market
Term
Market Development
Definition
current products
new market
Term
Product Development
Definition
new products
current market
Term
Diversification
Definition
new products
new market
Term
Situation (swot) analysis
Definition
taking stock of where a firm or product "has been", "where it is now", and "where it is headed"
Term
SWOT Analysis
Definition
strengths, weaknesses....opportunities, threats
Term
Market Segmentation
Definition
sorting potential buyers into groups
Term
Points of Difference
Definition
characteristics of a product that make it superior
Term
Four components of the implementation phase
Definition
obtaining resources
designing the market organization
developing planning schedules
executing the marketing program
Term
Marketing Tactics
Definition
day-to-day operational decisions
Term
Environmental Scanning
Definition
acquiring information on events outside the organization to identify and interpret potential trends
Term
Social ES
Definition
-demographic shifts
-cultural changes
Term
Economic ES
Definition
-macro conditions
-consumer income
Term
Technological ES
Definition
-changing
-impact on consumer value
-electronic business
Term
Competitive ES
Definition
-alt forms of competition
-small business
Term
Regulatory ES
Definition
-laws protecting competition
-laws affecting market mix actions
-self-regulation
Term
Multicultural Marketing
Definition
unique aspects of different races
can't assume anything about people
Term
Gross Income
Definition
paycheck
Term
Disposable Income
Definition
after we pay bills, whats left over
Term
Discretionary Income
Definition
after we spend our "play" money, whats left over
Term
Sherman Antitrust Act
Definition
forbids monopolies
Term
Clayton Act
Definition
increase competition
Term
Robinson-Patman Act
Definition
fair pricing
Supporting users have an ad free experience!